Webull (NASDAQ: BULL) is a digital-first, next-generation brokerage and trading platform, serving 24 million subscribers across fourteen global markets. The company commenced public trading on April 11, 2025, via a merger with special purpose acquisition company SK Growth Opportunities Corporation. Webull began its listed journey strongly, reporting first-quarter 2025 revenues of $117.4 million, marking a 32% year-over-year increase. This growth was primarily driven by higher trading volumes in options and equities, as well as the successful execution of strategic initiatives such as overnight equity trading and the launch of Options Discover. The company also demonstrated positive operating leverage, with adjusted operating profit margins rising by 2,200 basis points to 24.4% over the same period. Webull aims to be the platform of choice for investors seeking an advanced trading partner offering a broad range of trading solutions designed to support their growth over the long term.
Let us explain.
The company is concentrating on three pillars of growth: expanding its range of product offerings, diversifying into new asset classes, and extending its global reach. Initial results indicate that Webull continues to grow both its customer base and assets, while also increasing wallet share. For example, in the first quarter, the platform added approximately 800,000 new users. In the second quarter, the company plans to introduce a fractional fixed income platform with the rollout of corporate bond trading. Management anticipates supporting mutual funds by year-end. Additionally, Webull intends to launch cryptocurrency trading in select international markets in the second quarter and aims to reintroduce crypto trading for US customers during the latter half of the year.
Interesting Metrics.
On a year-over-year basis, Webull saw a 52% rise in overall trading-related service revenue, including a 7% price per trade increase to $1.47 from $1.37 in 1Q 2025. Equity and option trading volume were up a healthy 15% and 8%, respectively. During recent periods of elevated volatility, such as the tariff announcements in April, the company observed order flow shifts with greater trading volume in index and ETF products compared to single stock names. Despite this, client assets grew 45% year-over-year to $12.6 billion, though, sequentially, those numbers are flattening. The data reflects continued customer engagement with the platform and the utilization of various trading and investment tools offered by Webull.
The company executed on a number of new business initiatives in the 1H 2025. These include:
- Partnered with Kalshi, the first CFTC-regulated exchange with prediction markets, enables Webull users the ability to trade binary event contracts.
- Webull Premium, a subscription-based membership service that unifies the Company’s products and offers an elevated investing experience.
- Partnering with BlackRock to offer model portfolios. Webull Advisors now delivers intelligent, automated wealth management tools across various asset classes, including alternative and digital assets to its U.S.-based customers.
- Collaborated with Visa on the U.S. platform, so now Webull users can easily transfer money between their Webull brokerage account and external bank accounts through Visa Direct.
Overall, we are optimistic about the prospects of wealth technology and believe that BULL may represent a compelling opportunity in this space.
